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jeeden

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I just did mine as well and got the entire 7500 accepted. The only thing that seemed off to me was my original return resulted in a refund that was direct deposited whereas the amended return would only allow a mailed check for the 7500. Did Turbotax let you do a direct deposit?
It did. It wasn't very clear. I remember I saw the screen saying I could get a check in the mail or something and then you had to say cancel or more.optioms or something (sorry I can't remember it exactly) and then it offered the direct deposit to my account.

I guess I'll get my money faster but you will get $200 more haha
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Just filed an amended turbotax return for our R1S delivered this week, taxes already filed, and binding agreement signed in august. It was pretty simple, told them to do an amended return, and added an electric vehicle, Rivian was on the list. 08/15/22 was the aquire and delivery date via the IRS instructions. Added the curb weight and pack.

It showed me $7500, but my refund dropped to $7290 because of "other deductions that might not qualify me for the whole amount" ... not sure if this was because of a credit I got for a level 2 home charger I installed last year or something else. Was nice that you can efile with no additional cost.
That's probably what it was. The 7500 credit can reduce your liability below the Alternative Minimum Tax and the EV charging credit uses that number instead of what the 7500 credit reduced yours to. I got burned by that too.
 

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I've seen folks, even some selling, referring to the $7,500 as cash off the amount spent on the truck. But this isn't the case-- it's only if your tax liability is over $7,500 does it come in to play. If you're getting a refund this year as an example then the $7,500 credit is essentially unused. Am I right here?
 

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I just did mine as well and got the entire 7500 accepted. The only thing that seemed off to me was my original return resulted in a refund that was direct deposited whereas the amended return would only allow a mailed check for the 7500. Did Turbotax let you do a direct deposit?
this is what confuses me... a tax credit is not a refund check... it's a credit to buy down any tax owed, afaik. so who is sending you these checks?!
 

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I've seen folks, even some selling, referring to the $7,500 as cash off the amount spent on the truck. But this isn't the case-- it's only if your tax liability is over $7,500 does it come in to play. If you're getting a refund this year as an example then the $7,500 credit is essentially unused. Am I right here?
The credit comes off of line 18 of your 1040. But like anything else here, "consult your tax professional" because the real answer is "it's complicated". The reduction in tax liability at this point in the form can affect what you get on other credits. If you're doing your taxes by hand you have a lot of recalculation to do.
Rivian R1T R1S IRS Transition rule guidance changed 1679853747406
 

R1Sky Business

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Still here. Rivian sending out an email doesn’t mean the IRS will accept the agreement as a written binding contract, although I can’t believe they would send it out to everyone without some insight that the IRS will accept it so let’s hope that’s the case.

The two requirements are still relevant
1. Contract is enforceable under state law
2. Contract doesn’t limit damages to a specified amount (damages limited to more than 5% of the contract price are deemed to not limit damages)

As mentioned before, the Rivian agreement doesn’t appear to limit damages, they could possibly force someone to buy the vehicle, although $100 non refundable deposit isn’t a good fact. Just because the IRS issues a refund or accepts the return that was filed doesn’t mean there couldn’t be an adjustment later on.
🐎 is alive..... coming back for another beating.
 

R1Sky Business

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Just filed an amended turbotax return for our R1S delivered this week, taxes already filed, and binding agreement signed in august. It was pretty simple, told them to do an amended return, and added an electric vehicle, Rivian was on the list. 08/15/22 was the aquire and delivery date via the IRS instructions. Added the curb weight and pack.

It showed me $7500, but my refund dropped to $7290 because of "other deductions that might not qualify me for the whole amount" ... not sure if this was because of a credit I got for a level 2 home charger I installed last year or something else. Was nice that you can efile with no additional cost.
Good enough
 

goldburger

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The reduction in tax liability
that's what i'm asking.... it's a reduction in tax lability, not a check that's cut by the government... so why are people acting like they are getting checks cut in the amount of 7500?
 

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this is what confuses me... a tax credit is not a refund check... it's a credit to buy down any tax owed, afaik. so who is sending you these checks?!
I paid a lot more than 7.5k in taxes for 2022. This reduces my tax payment so it comes back to me. I paid myself basically and the IRS offsets it. A credit can’t exceed what you paid.
 

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I paid a lot more than 7.5k in taxes for 2022. This reduces my tax payment so it comes back to me. I paid myself basically and the IRS offsets it. A credit can’t exceed what you paid.
Shouldn't u b out in some adventure now?????
 

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I paid a lot more than 7.5k in taxes for 2022. This reduces my tax payment so it comes back to me. I paid myself basically and the IRS offsets it. A credit can’t exceed what you paid.
Let's say you paid 10k in taxes and your tax computation after deductions and before credits is 10k. Now let's say your only credit is the 7500 EV credit-- the IRS doesn't get you a check for 7500, right? That's my understanding or am I totally wrong...
 

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Shouldn't u b out in some adventure now?????
LOL actually just got home from a trip to one of the State Parks where I did some photography. The Rivian handled the parking lots like a champ!
 

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Let's say you paid 10k in taxes and your tax computation after deductions and before credits is 10k. Now let's say your only credit is the 7500 EV credit-- the IRS doesn't get you a check for 7500, right? That's my understanding or am I totally wrong...
Yes, you paid taxes of 10K, the 7.5K credit offsets that, so your tax liability is now 2.5K. Since you paid 10K over the year, the IRS now owes you a 7.5K payment.

Conversely, if your taxes paid were 6K and your tax computation was 6K and you submitted the EV form, that would effectively reduce your 6K tax liability to 0, and you would get a 6K check back from the IRS. In other words, they aren't giving you more than you paid them.
 

goldburger

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Yes, you paid taxes of 10K, the 7.5K credit offsets that, so your tax liability is now 2.5K. Since you paid 10K over the year, the IRS now owes you a 7.5K payment.

Conversely, if your taxes paid were 6K and your tax computation was 6K and you submitted the EV form, that would effectively reduce your 6K tax liability to 0, and you would get a 6K check back from the IRS. In other words, they aren't giving you more than you paid them.
Gooooooot it! Jesus thank you. Lol.
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